T-Accounts and Trial Balance

timer Asked: Oct 5th, 2015

Question description

The following is a list of transactions that have occurred during the month of June.



June 1

Started the business with (ID x 500) in cash.

June 2

Borrowed (ID x 50) $100,000 in the form of a note payable.

June 2

Purchased land with cash for (ID x 12).

June 2

Purchased building with cash for (ID x 150).

June 3

Purchased equipment on account for (ID x 50).

June 4

Purchased a 12-month insurance policy for $24,000.

June 5

Purchased $10,000 of Food and Beverage Inventory on account.

June 5

Generated $12,000 in room revenue. The guests paid cash.

June 6

Generated $3,000 in food and beverage revenue on account.

June 10

Paid $1,500 in cash for advertising.

June 15

Paid a utility bill of $2,000 in cash.

June 18

Received a $500 cash deposit for a future banquet.

June 22

Paid $1,800 in cash to repair an elevator.

June 28

Paid $4,000 in wages in cash.

June 30

You withdraw $500 from the business for personal use.


1. Prepare journal entries in good form for the transactions above.

2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas.

3. Complete a trial balance in good form as of June 30, 20xx (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas.

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